U.S. Market Regulator Issues Guidance On Custody Of Digital Asset Securities

www.oann.com | 6/24/2011 | Staff
blacky (Posted by) Level 3
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission (SEC) on Monday issued a notice on broker-dealer custody of digital asset securities, amid industry requests for clarity on whether they can hold such assets under federal securities laws.

The SEC’s statement, issued in conjunction with the general counsel of the Financial Industry Regulatory Authority (FINRA), clarified that entities seeking to participate in the marketplace for digital asset securities must comply with the relevant securities laws, most notably the customer protection rule.

Requirements - Customer - Protection - Rule - Year

“The requirements of the Customer Protection Rule have produced a nearly fifty year track record of recovery for investors when their broker-dealers have failed,” the SEC said in a statement.

“This...
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